Muscat: A agreement was signed to transfer 49 percent stake in Oman Electricity Transmission Company (OETC) to the State Grid International Development (SGID) of China in Muscat on Sunday.
The signing ceremony was attended by Darwish bin Ismail al Balushi - Minister Responsible for Financial Affairs, and a number of senior officials from both countries.
The finance minister said that the privatization program will include government companies, including those operating in the power and oil sectors.
"Through this privatization program, Nama Holding will support the government’s objectives of attracting foreign direct investments into the country and promoting private sector participation as part of the wider nation-building process," a statement said.
Allaying fears about the hike in power tariffs, the officials said that the rates are set by the government, and not the companies.
The State Grid Corporation of China is the largest utility company in the world, and as of 2018, the world's second-largest company overall by revenue.
In 2016/17 it was reported as having 927,839 employees and 1.1 billion customers.
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